The amount you need for a down payment depends on the type of loan and your financial situation. While 20% used to be a common benchmark, most homes are now purchased with much smaller down payments - some conventional loans allow as little as 3%, and FHA loans require just 3.5%. When you work with the Eastern Edge Group, you'll have access to our network of trusted industry professionals, including fantastic lenders who can review the different loan options available to you, make recommendations and even offer suggestions to improve your credit score!

A pre-qualification is a quick estimate of what you may be able to borrow. It is usually based on information you provide to the lender, such as income and debts, but it is not verified. It is helpful for getting a general idea of your price range.

A pre-approval is a stronger step. The lender reviews and verifies your financial documents, pulls your credit, and gives you a more accurate loan amount. A pre-approval shows sellers that you are a serious, qualified buyer and can give you a competitive edge in the market.

Your credit score helps lenders understand how you manage debt. Higher scores usually mean lower interest rates, which can save you tens of thousands of dollars over the life of your loan. Lower scores may result in higher rates or fewer loan options. If you are unsure where you stand, we can connect you with trusted lenders who can help you understand your score and ways to improve it before you buy.

Closing costs are the fees and expenses that you will pay at the closing for your home purchase. These often include lender fees, title services, taxes, insurance, and prepaid items like interest and escrow deposits. In our area, buyers typically pay about 4% of the purchase price in closing costs, although this can vary based on whether you purchase in cash or choose to finance, the loan product you use, where your closing date falls relative to when your property taxes are due, and more. Your lender will provide a detailed estimate early in the process so there are no surprises. If you are worried about your closings costs, remember that with the Eastern Edge Group, you have a team of expert negotiators in your corner and we can explore options to have the seller pay some or all of those costs!

The longest part of the process is usually finding the perfect home for you - this can take weeks, or even months! Once you are under contract, the closing process usually takes around 30 to 45 days. The timeline can be shorter or longer depending on the type of loan, inspections, appraisal, and how quickly both parties can complete paperwork. We keep the process organized and proactive to help everything move smoothly.

Yes, absolutely. Many self-employed buyers purchase homes successfully. Lenders typically look at two years of tax returns, profit and loss statements, and other financial documents to verify your income. It may require a little extra documentation, but it is very doable. We work with several lenders who specialize in helping self-employed clients and can guide you through the process.

A typical mortgage payment usually includes four parts. The principal, which is the amount that pays down your loan balance. The interest, which is the cost of borrowing the money to purchase your home. The taxes, which are held in escrow by the lienholder to pay the real estate taxes for your property when they are due. And the insurance, which is also held in escrow by your lienholder, to pay your home insurance premiums. Depending on your loan type and the size of the down payment that you made, you may also have to pay mortgage insurance, which is an insurance policy that protects lenders or investors in the event that a borrower defaults on their mortgage.